0 FORWARD-LOOKING INFORMATION Certain information contained herein - PowerPoint PPT Presentation

APRIL 2019 0

FORWARD-LOOKING INFORMATION Certain information contained herein may constitute forward-looking statements that involve known and unknown risks, assumptions, uncertainties and other factors. Forward-looking statements in this news release include, but are not limited to: (i ) Inter Pipeline’s low risk business strategy and potential growth opportunities; (ii) the sustainability and ability to main tain Inter Pipeline’s current level of dividends and upside growth potential; (iii) statements regarding the Heartland Petrochemical Com plex and the expansion of the Central Alberta Pipeline, including the timing of construction and fabrication activities, sourcing of components, costs, and in-service dates for each project, and all the potential benefits to be derived from those projects, including without limitation all the financial benefits; and (iv) statements regarding the NuStar Europe acquisition and the ant icipated benefits of this acquisition.​ ​Readers are cautioned not to place undue reliance on forward -looking statements, as such statements are not guarantees of future performance. Inter Pipeline in no manner represents that actual results, levels of activity and achievements will be the same in whole or in part as those set out in the forward-looking statements herein. Such information, although considered reasonable by Inter Pipeline at the time of preparation, may later prove to be incorrect and actual results may differ materially from those anticipated in the statements made. For this purpose, any statements that are not statements of historical fact may be deemed to be forward-looking statements. Forward-looking statements often contain terms such as "may", "will", "should", "anticipate", "expects" and similar expressions. Such assumptions, risks, uncertainties and other factors include, but are not limited to, risks and assumptions associated with operations, such as Inter Pipeline’s ability to successfully implement its strategic initiatives and achieve expected benefit s, including the further development of its pipeline systems and other facilities; assumptions concerning operational reliability; Inter Pipeline’s ability to maintain its investment grade credit ratings; the availability and price of labour, equipment and construction materials; the status, credit risk and continued existence of customers having contracts with Inter Pipeline and its affiliates; availability of energy commodities; volatility of and assumptions regarding prices of energy commodities; competitive factors, pricing pressures and supply and demand in the oil and gas transportation, natural gas liquids processing and storage industries; assumptions based upon Inter Pipeline’s current guidance; fluctuations in currency and interest rates; inflation; the ability to access sufficient capital from internal and external sources; risks and uncertainties associated with Inter Pipeline’s ability to maintain its current level of cash dividends to its shareholder s; risks inherent in Inter Pipeline’s Canadian and foreign operations; risks of war, hostilities, civil insurrection, instability and political and economic conditions in or affecting countries in which Inter Pipeline and its affiliates operate; severe weather conditions; terrorist threats; risks associated with technology; Inter Pipeline’s ability to generate sufficient cash flow from operation s t o meet its current and future obligations; Inter Pipeline’s ability to access external sources of debt and equity capital; general economic and business conditions; the potential delays of and costs of overruns on construction projects, including, but not limited to Inter Pipeline’s current pipeline, petrochemical, NGL processing and terminal storage projects and future expansions of In ter Pipeline’s assets; risks associated with the failure to finalize formal agreements with counterparties in circumstances where letters of intent or similar agreements have been executed and anno unced by Inter Pipeline; Inter Pipeline’s ability to make capital investments and the amounts of capital investments; changes in laws and regulations, including environmental, regulatory and taxation laws, and the interpretation of such changes to Inter Pipeline’s business; the risks associated with existing and potential or threatened future lawsuits and regulatory acti ons against Inter Pipeline and its affiliates; increases in maintenance, operating or financing costs; availability of adequate levels of insurance; difficulty in obtaining necessary regulatory approvals or land access rights and maintenance of support of such approvals and rights; the timing, financing and completion of acquisitions and other projects Inter Pipeline is developing; the realization of the anticipated benefits of acquisitions and other projects Inter Pipeline is developing; and such other risks and uncertainties described from time to time in Inter Pipeline’s reports and filings with the Canadian securities authorities. The impact of any one assumption, risk, uncertainty or other factor on a particular forward-looking statement cannot be determined w ith certainty, as these are interdependent and Inter Pipeline’s future course of action depends on management’s assessment of all information available at the relevant time. You can find a dis cussion of those risks and uncertainties in Inter Pipeline’s securities filings at www.sedar.com. Readers are cautioned that the foregoing list of assumptions, risks, uncertainties and factors is not exhaustive. The forward-looking statements contained in this news release are made as of the date of this document, and, except to the extent required by applicable securities laws and regulations, Inter Pipeline assumes no obligation to update or revise forward-looking statements made herein or otherwise, whether as a result of new information, future events, or otherwise. The forward-looking statements contained in this document and all subsequent forward-looking statements, whether written or oral, attributable to Inter Pipelin e or persons acting on Inter Pipeline’s behalf are expressly qualified in their entirety by these cautionary statements.​ ​NON - GAPP FINANCIAL MEASURES​ Certain financial measures referred to in this corporate presentation are not measures recognized by GAAP. These non-GAAP financial measures do not have standardized meanings prescribed by GAAP and therefore may not be comparable to similar measures presented by other entities. Investors are cautioned that these non-GAAP financial measures should not be construed as alternatives to other measures of financial performance calculated in accordance with GAAP.​ 1

INTER PIPELINE  Operates world-scale energy infrastructure assets  Stable in an uncertain market, with a strong balance sheet and investment grade credit rating  Sustainable dividend profile that has upside growth potential  Well-positioned to capitalize on future growth opportunities 2

WORLD SCALE ENERGY INFRASTRUCTURE ASSETS Oil Sands NGL Conventional Bulk Liquid Transportation Processing Oil Pipelines Storage 2018 September YTD EBITDA 2.3 million b/d Over 240,000 b/d 3,900 km pipeline 37 million barrels of contracted of production network in of storage capacity capacity western Canada capacity in Europe 3

ADDITIONAL PROJECT ACTIVITIES  Expanded a mixed butane mercaptan oxidation system at Redwater Olefinic Fractionator (ROF)  Developing a single well, 100,000 m 3 cavern at Redwater to store Polymer Grade Propylene (PGP)  Expansion at ROF for n-Butane product storage and transportation capacity underway  Connecting the CNRL Kirby North Oil Sands project to the Polaris and Cold Lake pipelines  Various pipeline truck terminal, control systems, and equipment upgrades and expansions 4

INTER PIPELINE & AIH  Office complex established in 1977 with a major expansion in 2014  Largest satellite office located outside of Calgary with more than 140 employees  Main control room for all of Inter Pipeline’s Canadian pipelines  Local emergency response equipment and warehousing on site  Added a second office space in Sherwood Park to accommodate growth  Continue to evaluate additional growth projects in the AIH  Provide support for the Bissell Centre, e4c and Kids Kottage  Strong community involvement by employees 5

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PROJECT HISTORY PDH Discover/Select Phase as Williams Canada:  Completed PDH technology evaluation and selected UOP Oleflex  Developed Basic Engineering Design September 2016   Selected Fluor as FEED contractor Inter Pipeline purchased and developed Class IV estimate Williams Canada including the Late 2021 Year-end 2017    Finalized site location selection and Propane Dehydrogenation Estimated Commercial Project Investment secured land Project (PDH) Operation Decision 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 Completed Definition Phase of the September 2018 January 2017   Inter Pipeline sells the $0.6 project: Inter Pipeline commences  Completed PDH FEED and billion Central Utility Block to development of the developed Class III estimate Fengate Capital Management Polypropylene Project  Procured PDH critical path long lead equipment engineering data  Brought along on-site derivate plant partner Brought on 3 rd Party co-generation  plant partner 7